Westchester Capital Management LLC Purchases New Holdings in ProAssurance Corporation $PRA

Key Points

• Westchester Capital Management LLC has acquired a new position in ProAssurance Corporation, purchasing 238,740 shares valued at approximately $5.58 million.
• ProAssurance has seen an increase in interest from various institutional investors, with several firms significantly boosting their stakes during the first quarter.
• The stock currently has an average rating of "Reduce" from investment analysts, with a consensus price target of $21.50, following its recent earnings report that exceeded estimates.

Westchester Capital Management LLC purchased a new stake in ProAssurance Corporation (NYSE:PRA - Free Report) during the first quarter, according to its most recent filing with the SEC. The firm purchased 238,740 shares of the insurance provider's stock, valued at approximately $5,575,000. Westchester Capital Management LLC owned 0.47% of ProAssurance at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of PRA. Janus Henderson Group PLC raised its holdings in ProAssurance by 2,655.2% during the 4th quarter. Janus Henderson Group PLC now owns 645,358 shares of the insurance provider's stock worth $10,268,000 after buying an additional 621,935 shares during the period. ABC Arbitrage SA acquired a new stake in ProAssurance during the 1st quarter worth approximately $5,573,000. Alpine Associates Management Inc. acquired a new stake in ProAssurance during the 1st quarter worth approximately $5,167,000. Tudor Investment Corp ET AL acquired a new stake in ProAssurance during the 4th quarter worth approximately $2,466,000. Finally, Nuveen LLC acquired a new stake in ProAssurance during the 1st quarter worth approximately $3,500,000. 85.58% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Wall Street Zen assumed coverage on shares of ProAssurance in a report on Monday, May 19th. They set a "hold" rating on the stock. Zacks Research upgraded shares of ProAssurance from a "strong sell" rating to a "hold" rating in a report on Wednesday, August 20th. Finally, Piper Sandler lifted their price objective on shares of ProAssurance from $18.00 to $25.00 and gave the company a "neutral" rating in a report on Thursday, May 8th. Five research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, ProAssurance currently has an average rating of "Reduce" and a consensus price target of $21.50.

ProAssurance Stock Up 0.1%

Shares of NYSE:PRA traded up $0.04 during midday trading on Friday, hitting $23.82. The stock had a trading volume of 375,133 shares, compared to its average volume of 503,686. The company has a quick ratio of 0.26, a current ratio of 0.26 and a debt-to-equity ratio of 0.33. The business's 50-day simple moving average is $23.68 and its 200-day simple moving average is $21.94. ProAssurance Corporation has a 12 month low of $12.43 and a 12 month high of $24.14. The company has a market cap of $1.22 billion, a P/E ratio of 25.34 and a beta of 0.13.

ProAssurance (NYSE:PRA - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The insurance provider reported $0.52 EPS for the quarter, topping analysts' consensus estimates of $0.19 by $0.33. ProAssurance had a net margin of 4.33% and a return on equity of 5.62%. The firm had revenue of $271.94 million during the quarter, compared to analysts' expectations of $266.72 million. During the same period in the previous year, the business posted $0.23 earnings per share. The company's revenue for the quarter was down 19.9% compared to the same quarter last year. On average, sell-side analysts forecast that ProAssurance Corporation will post 0.8 earnings per share for the current fiscal year.

About ProAssurance

ProAssurance Corporation, through its subsidiaries, provides property and casualty insurance, and reinsurance products in the United States. The company operates through Specialty Property and Casualty, Workers' Compensation Insurance, and Segregated Portfolio Cell Reinsurance segments. It offers professional liability insurance to healthcare providers and institutions, and attorneys and their firms; medical technology liability insurance to medical technology and life sciences companies; and custom alternative risk solutions, including assumed reinsurance, loss portfolio transfers, and captive cell programs for healthcare professional liability insureds.